Progressive reports 84.1% CR for January

Progressive released its financial results for January, ending the month with a combined ratio of 84.1% and net income of $1.1 billion.

During the month, Progressive incurred about $43 million of catastrophe losses due to the California wildfires, with 72% of those losses occurring in the company’s personal property products.

The insurer had ~35.3 million policies at the end of January, an increase of 18% compared to January 2024. During the month, Progressive added around 375k new policies to its overall count.